Harvest Gold Corporation:
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 21, 2011) - Harvest Gold Corporation (TSX VENTURE:HVG) (the "Company") is pleased to announce that Phase II drilling has begun at the Rosebud Gold Mine project. Three holes have been completed so far, all within the Valley Target. A total of up to 18 reverse circulation drill holes, totaling approximately 14,000 feet (4,270 metres), are planned to follow-up intercepts from the Company's July, 2010, Phase I drill program, and to test additional targets adjacent to the Mine Footprint.
Greg Hill, President of Harvest Gold Corp. (US), states: "What is most exciting about the Valley Target is that it has shown the potential to host a near-surface gold deposit. In the last program, we intercepted 12.2 m of 1.81 g Au/t in HGR-10 just 55 feet from surface. The geological and geochemical model that led to the drilling of HGR-10 has been refined and expanded and several holes in this program are planned to test the Valley for more near surface mineralization."
The drill will now move to test other targets including the Southern Extension, Far East, and Northeast, and will return to the Valley Target later in the drill program. The Company anticipates aggressively testing the Valley Target from additional drill sites, utilizing geochemical data from Phase I and Phase II drill holes, as well as historical data, to guide our efforts.
About Rosebud
The Rosebud property is an advanced exploration project consisting of 54 unpatented mining claims centered on the former Rosebud underground mine, which produced nearly 400,000 oz gold and 2,300,000 oz silver between 1997 and 2000. The underground operation mined three high-grade ore zones, with an average production grade of 0.416 oz Au/t (14.2 g/tonne), 2.42 oz Ag/t (83 g/tonne). Due to falling gold prices, the cut-off grade was increased from 0.15 oz Au/t (5.1 g/tonne) to 0.18 oz Au/ton (6.2 g/tonne) over the life of the mine, and mineralized material below the cutoff was not mined. An in-place, non-43-101-compliant Measured and Indicated Global resource of 242,000 oz Au, 2,130,000 oz Ag (6.81 million t @ 0.036 oz Au/t, 0.31 oz Ag/t), was calculated by Hecla at the close of mining in 2000. (This historical resource estimate was made by a source believed to be reliable, however the Company has not yet independently verified the estimate according to CIM standards and thus this historical estimate should not be relied upon.) The Harvest Gold 43-101 report on Rosebud can be accessed on the website at:
The Rosebud deposit is a high-grade low-sulfidation volcanic-hosted precious metals deposit, similar in origin, geologic setting, and mineralization style to other low-sulfidation gold deposits in northern Nevada, including the high-grade multi-million-ounce Sleeper and Midas deposits. The property is located in a highly mineralized portion of the Lovelock-Austin Mineral Belt, about 5 miles south of Allied Nevada's Hycroft mine.
The company has acquired a 100% interest in the property, subject to a net smelter royalty.
Greg Hill, Certified Professional Geologist, the President of Harvest Gold Corp. (US), is the Qualified Person that has reviewed the contents of this news release.
Harvest Gold Corporation is a mineral exploration company working in Nevada, USA and Manitoba, Canada. In Nevada, the Company controls 100% interests in the advanced-stage Rosebud Gold Mine property, and generative gold properties at Garcia Flats in the South Carlin Trend and the RW property in the southern Battle Mountain - Eureka Trend. In Manitoba, Harvest is engaged in early-stage exploration of three groups of 100% owned claims in the Rice Lake Gold Belt and holds a 40% interest in the more advanced-stage, Assean Lake project.
This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, uncertainties of resource and reserve estimations, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. Fluctuations in metals prices, availability of financing, and general business conditions are all factors that could cause actual results to vary materially from forward-looking statements.
On behalf of the Board of Directors,
John Roozendaal, President
Harvest Gold Corporation
FOR FURTHER INFORMATION PLEASE CONTACT: Keith Patey
Harvest Gold Corporation
Director of Communications
(604) 986-2020 or Toll Free: 1-866-816-0118
http://www.harvestgoldcorp.com/">www.harvestgoldcorp.com
ORAndrew Mugridge
Progressive Investor Relations
(604) 689-2881
ORBenjamin Curry
Progressive Investor Relations
(604) 689-2881
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
